Canada: Housing starts fall to nine-month low in October
November 8, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 204,100 units in October, which was down 8.9% from a revised 224,000 units in September (previously reported: 220,200 units). Moreover, the reading came in below market expectations that had housing starts moderating to 210,000 units and represented the lowest figure since January. According to the CMHC, October's deterioration mainly reflected a decrease in both single and multiple starts. The 6-month moving average declined 3.5% over the previous month, from 226,300 units in September to 218,400 units in October. According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will reach 213,700 units in 2012 and 193,600 units in 2013 (previously forecasted: 207,200 units and 193,100 units, respectively).